The Wideman Company Acquires Houston Office Complex From Lionstone Investments
712 Main Street & 708 Main Street
Building Size
1,778,000 SF
Asset Type
Office
Closing
May 2, 2024
AI
The Jones on Main complex in downtown Houston, which includes the JPMorgan Chase Bank Building and the Great Jones Building, totaling 889,000 square feet, has been acquired by a Florida-based real estate firm. The purchase was made in cash, displaying confidence in Houston’s office market despite challenges post-pandemic.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 712 Main Street & 708 Main Street
- Market: Houston
- Buyer: Matthew Wideman - The Wideman Company
- Seller: Bryan Sanchez - Lionstone Investments
The Wideman Company, the buyer in this transaction, has plans to renovate the historic buildings within the Jones on Main complex. Their focus will be on incorporating modern amenities and services to breathe new life into these iconic structures situated in the heart of Houston.
Players
Houston Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93